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. EXHIBIT B NOTICE OF SALE $480,000 General Obligation Fire Equipment Bonds, Series 1989A city of Elk River Sherburne County, Minnesota Sealed bids for these bonds will be opened by the City . Administrator, or his designee, on Monday, October 23, 1989, at 11:00 a.m., at the offices of Springsted Incorporated, 85 East Seventh Place, suite 100, Saint Paul, Minnesota, for consideration and award by th~ Ci~y Council at 7:00 p.m. at the Elk River City Library in Elk River, Minnesota. The bonds will be fire equipment bonds and shall be general obligations supported by the full faith and credit of the City. The bonds will be dated November 1, 1989 and will mature on February 1 in the years and amounts as follows: Year Amount 1992 $35,000.00 1993 40,000.00 1994 40,000.00 . 1995 40,000.00 1996 45,000.00 1997 50,000.00 1998 50,000.00 1999 55,000.00 2000 60,000.00 2001 65,000.00 Bonds maturing on or after February 1, 1998, are subject to prior redemption on February 1, 1997, and on any day thereafter, at par plus accrued interest. Interest will be payable on August 1, 1990, and semiannually thereafter. Minimum price, Four Hundred Seventy-five Thousand Dollars ($475,000) plus accrued interest. Bids shall specify interest rates for each maturity in accord with the Official Terms of Offering. An approving legal opinion will be furnished by Larkin, Hoffman, Daly & Lindgren, Ltd., Minneapolis, Minnesota. The purpose of the Bonds is to provide financing for the purchase of fire equipment. The Official Terms of Offering to be published in the Official Statement for the offering may contain additional bidding terms and information relative to the issue. In the event of a variance between the statements in this notlce and the Official Terms of Offering, the provisions of the latter shall govern. BY ORDER OF THE CITY COUNCIL . Dated: September 25, 1988 /s/ Patrick D. Klaers City Administrator SBS:BY5